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Stiffed Board

The Wall Street Journal quotes Professor Joe Grundfest in a story about how shareholders "irked with executive pay are taking it out on directors."

"'Directors are highly sensitive to public criticism,' says Grundfest, a professor of law and business at Stanford Law School and a former Securities and Exchange Commission commissioner, who in a 1990 speech urged institutional shareholders to 'Just Vote No.' At that time, companies were just being required to disclose voting tallies. 'It was obvious to me then, and remains obvious to me now, that a large number of directors don't do it for the money,' says Mr. Grundfest, who also is codirector of the Rock Center for Corporate Governance at Stanford and a former Oracle Corp. director."